U

UCAR U Power Limited

We generally determine standalone selling prices based on the prices charged to customers.

Owner earnings 2020–2025 (CN¥23M)(CN¥84M)(CN¥15M)(CN¥66M)(CN¥73M)(CN¥70M)

Retained capital not read

Balance sheet Net debt against an operating loss, CN¥7M

UCL uCloudlink Group Inc.

A telecom carrier, renting access to a network that must be constantly rebuilt.

Owner earnings 2018–2025 ($24M)$3M($3M)($23M)$4M$4M$5M$2M

Retained capital not read

Balance sheet Net cash, +$31M

UFG Uni-Fuels Holdings Limited

We are a global provider of marine fuel solutions to shipping companies headquartered in Singapore.

Owner earnings 2023–2025 ($998K)$323K($2M)

Retained capital not read

Balance sheet Net cash, debt-free, +$13M

UGP Ultrapar Participacoes S.A. (New)

Revenue is Ipiranga (91%) and Ultragaz (8%).

Owner earnings 2015–2023 R$2.4BR$1.4BR$1.0BR$2.1BR$2.4BR$2.5BR$1.9BR$1.3BR$2.8B

Retained capital Retained R$6.0B of earnings over 2015–2023; annual owner earnings grew R$416M, R$0.07 per R$1 retained.

Balance sheet Heavy net debt, R$6.1B · dividend paid 9 of 9 yrs, cut at least once

UL Unilever PLC

Revenue is led by Personal Care (26%) and Foods (26%), with 2 more segments behind.

Owner earnings 2016–2025 €5.2B€6.4B€6.0B€6.8B€8.2B€6.9B€5.8B€8.2B€8.1B€6.9B

Retained capital Retained €25.1B of earnings over 2016–2025; annual owner earnings grew €1.9B, €0.08 per €1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, never cut

UMC United Microelectronics Corporation

Our large production capacity and advanced process technologies enable us to provide our customers with volume production and flexible and quick-to-market manufacturing services.

Owner earnings 2015–2024 NT$16.4B(NT$3.1B)NT$8.2BNT$31.3BNT$38.4BNT$39.4BNT$42.3BNT$104.8BNT$48.4BNT$48.5B

Retained capital Retained NT$239.0B of earnings over 2015–2024; annual owner earnings grew NT$60.1B, NT$0.25 per NT$1 retained.

Balance sheet Net cash, +NT$99.1B · dividend paid 7 of 10 yrs, cut at least once

UROY Uranium Royalty Corp.

Uranium Royalty Corp. is not, and will not be, the owner or operator of any of the properties underlying its current or future royalties, streams and similar interests and has no input in the exploration, development or operation of such properties.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

USAS AMERICAS GOLD AND SILVER CORPORATION

Revenue is Galena Complex (51%) and Cosala Operations (49%).

Owner earnings 2016–2025 $727K($6M)($2M)$3M($27M)($64M)($21M)($21M)($22M)($25M)

Retained capital not read

Balance sheet Net cash, +$119M

USEA United Maritime Corporation

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2023–2025 ($15M)$3M$2M

Retained capital not read

Balance sheet Net debt against an operating loss, $34M

UTSI UTStarcom Holdings Corp.

UTStarcom is actively involved in products and solutions developments across several key areas, including 5G/5G-Advanced mobile transport networks, disaggregated network platforms optimized for telecom market applications and requirements, and network synchronization.

Owner earnings 2016–2025 $4M$3M($26M)($25M)($4M)$19M$7M($5M)($5M)($9M)

Retained capital not read

Balance sheet Net cash, debt-free, +$35M

UXIN Uxin Limited ADS

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 (CN¥711M)(CN¥1.9B)(CN¥2.4B)(CN¥1.2B)(CN¥1.1B)(CN¥859M)(CN¥265M)(CN¥275M)(CN¥514M)

Retained capital not read

Balance sheet Net cash, +CN¥333M

UZX Linkage Global Inc.

Revenue is Other subsidiaries (88%) and EXTEND (12%).

Owner earnings 2021–2025 ($2M)$688K($4M)($5M)

Retained capital not read

Balance sheet Net debt against an operating loss, $85K